CULedger has expanded its partnership with enterprise software firm R3
to further support domestic and cross-border payments for credit unions,
also known as financial cooperatives, worldwide, on the Corda blockchain
platform. Corda will serve as the underlying basis for CULedger’s new
electronic funds transfer (EFT) product, CU Pay.
CULedger is leveraging its relationship with R3 to help credit unions
reduce risks associated with cybersecurity and fraud, improve the member
experience, streamline internal processes and reduce administrative and
operational costs. CU Pay is not intended to replace existing EFT
networks, but enable connectivity of multiple payment networks.
As part of this partnership, CULedger will integrate CU Pay with Corda
Settler, an open source CorDapp designed to settle Corda transactions
with any of the world’s payment systems, both traditional and
blockchain-based. This will allow credit unions using CULedger’s network
to choose from a variety of near-instant, secure and affordable domestic
and cross-border payment options to meet theirs and their members’ needs.
“Blockchain is positioned to transform the financial services industry
over the next few years, and CULedger is helping credit unions lead the
way,” said John Ainsworth, president and CEO of CULedger. “By
integrating R3’s Corda Settler, we are certain that our vision of
financial cooperatives operating across a shared network will be
realized, and that members will stand to benefit from the transparency,
security and efficiency it provides.”
“Corda’s unique approach to privacy and security will support CULedger’s
efforts to develop ground-breaking blockchain-based applications for
self-sovereign digital identity and fraud detection,” said David E.
Rutter, CEO of R3. “We look forward to working with them to create
significant efficiencies for credit unions and their members.”
CULedger initially joined R3’s global network in 2018. The network
consists of more than 300 of the world’s largest financial services
firms, technology companies, central banks, regulators, and trade
associations working together on Corda. CULedger has taken a mixed chain
approach to the services it provides by partnering with established
blockchain leaders in addition to R3, including IBM, Hedera and The
Sovrin Network to allow interoperability and portability of transactions
for credit unions and their members.
CU Pay is targeted for release in early 2020 and will be made available
to credit unions on CULedger’s network.
About CULedger
Denver-based CULedger
is a credit union-owned CUSO that focuses on delivering innovative
applications to credit unions through its cross-border global
distributed ledger platform. In working through a national consortium
made up of credit unions and trusted industry investors, CULedger has
pioneered new developments related to global self-sovereign digital
identity that will further enhance the trust credit unions have with
their members. CULedger provides advantages to credit unions and their
members by reducing risks associated with cybersecurity and fraud,
improving member experience, streamlining internal processes and
reducing administrative and operational costs. To learn more about
CULedger, visit www.culedger.com.
About R3
R3 is an enterprise blockchain software firm working with a broad
ecosystem of more than 300 participants across multiple industries from
both the private and public sectors to develop on Corda, its open-source
blockchain platform, and Corda Enterprise, a commercial version of Corda
for enterprise usage.
R3’s global team of over 200 professionals in 13 countries is supported
by over 2,000 technology, financial, and legal experts drawn from its
global member base.
The Corda platform is already being used in industries from financial
services to healthcare, shipping, insurance and more. It records,
manages and executes institutions’ financial agreements in perfect
synchrony with their peers, creating a world of frictionless commerce.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190521005183/en/